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The 2017-18 Federal Budget delivers an overall optimistic economic and fiscal outlook for Australia. After a 2016-17 budget deficit of $37.6bn, the deficit for 2017-18 is forecast to be down to $29.4 billion. Following that comes a projected surplus in 2020-21 of $7.4bn.

The Budget also anticipates an economic rebound, with growth at 3.0% from 2018-19. Forecast tax receipts for 2017-18 have been revised up by $6.4bn over the forward estimates to 2019-20 due to a range of new policy measures announced in the budget.

Housing affordability has been one of the major components of this year’s Federal Budget, which featured a comprehensive package of tax and superannuation measures aimed at increasing housing availability and improving affordability. The government has also reigned in tax breaks enjoyed by many residential property investors in the hope of providing Australians with confidence that tax concessions are correctly targeted. These measures will be complemented by a number of supply-side initiatives including the release of Commonwealth land and housing supply targets.

The Turnbull Government’s Federal Budget, delivered on 3rd May 2017, included the most significant structural changes to the Australian superannuation system since compulsory superannuation was first introduced. Pre-budget speculation had anticipated many changes, however some have gone much further than anticipated.

Delivering his first Federal Budget on 3rd May 2016, Treasurer Scott Morrison said that tax breaks have been given to small businesses first as they are “more likely to reinvest their earning and more likely to be Australian owned.”

Australian Small Business Ombudsman Kate Carnell says “… this year’s Budget certainly provides a framework for SMEs to grow and prosper.”

Tasmania’s economy has grown equal-second fastest in Australia in the December 2015 quarter – equal with New South Wales (0.6%) and second only to Victoria (0.8%) – according to state final demand Trend figures released by the Australia Bureau of Statistics (ABS) this week. Seasonally adjusted figures also show solid growth (0.7%), placing Tasmania fourth in the nation behind Victoria (1.2%), NSW (1.1%) and the ACT (1.0%).

About Us

Synectic is a Chartered Accounting and Advisory firm that brings together the skills of accountants, business advisers, financial planners, self-managed superannuation experts, and auditors. Our team operates state-wide from Devonport, Hobart and Launceston offices.

Our mission is to help people, businesses and the community prosper.

We offer the depth of knowledge, specialist skills and progressive resources usually associated with much larger firms. Yet our size and availability allows us flexibility and enables us to develop an in-depth understanding of your business and financial affairs.